New Risk • Nov 30
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 47% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (47% average weekly change). Negative equity (-US$4.4m). Revenue is less than US$1m. Minor Risk Less than 3 years of financial data is available. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to US$12.89, the stock trades at a trailing P/E ratio of 49.1x. Average trailing P/E is 27x in the Capital Markets industry in the US. Total returns to shareholders of 28% over the past year. New Risk • Aug 17
New major risk - Negative shareholders equity The company has negative equity. Total equity: -US$1.8m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Negative equity (-US$1.8m). Revenue is less than US$1m. Minor Risk Less than 3 years of financial data is available. お知らせ • Aug 04
Volato, Inc. entered into a business combination agreement to acquire PROOF Acquisition Corp I (NYSE:PACI) from PROOF Acquisition Sponsor I, LLC and others for approximately $200 million in a reverse merger transaction. Volato, Inc. entered into a business combination agreement to acquire PROOF Acquisition Corp I (NYSE:PACI) from PROOF Acquisition Sponsor I, LLC and others for approximately $200 million in a reverse merger transaction on August 1, 2023. The current Volato owners will retain approximately 63.5% of the ownership at close. The management team and existing investors will be rolling 100% of their Volato equity into the new company. Upon the close of the transaction, the combined entity is expected to trade under the ticker symbol “SOAR” and will adopt Volato as the corporate operating brand. Volato CEO and Co-Founder Matt Liotta will lead the combined company. Upon the closing of the proposed transaction, Volato’s senior management will continue to serve in their current roles.
Completion of the transaction is subject to the approval of PACI stockholders and certain Volato stockholder approvals, the approval for listing of Class A Common Stock of Volato Group on the NYSE or other national exchange subject only to official notice of issuance thereof, the registration statement shall have become effective under the Securities Act, all applicable waiting periods (and any extensions thereof) under the HSR Act and all other Governmental Approvals applicable to the Transactions, shall have expired or been terminated, or otherwise obtained, as applicable, holders of not more than 5% of the outstanding shares of Volato Capital Stock shall have dissented or preserved their rights to seek appraisal of any of their shares of Volato Capital Stock, the execution and delivery of certain ancillary agreements, all of the directors and officers of PACI shall have resigned, and other customary closing conditions. The respective boards of directors of both Volato and PACI have each approved the proposed transaction. The parties expect that the proposed transaction will be completed in 2023. BTIG, LLC is serving as financial advisor to Volato, Inc. F. Reid Avett of Womble Bond Dickinson (US) LLP is serving as legal advisor to Volato, Inc. Scott D. Fisher of Steptoe & Johnson LLP is serving as legal advisor to PACI. LSH Partners Securities LLC acted as the fairness opinion provider and financial advisor to PACI.